Cadence Design Systems - CDNS STOCK NEWS

Cadence Design Systems has launched Fem.AI, an initiative aimed at reshaping the tech/AI workforce for a more equitable future. The program addresses three key areas where women are losing traction in the tech/AI ecosystem: completing higher education, accessing first jobs, and retaining STEM careers.

Fem.AI aims to empower women through partnerships with nonprofit organizations, pathways to employment, scholarships, and collaboration with the Cadence Academic Network. The initiative has partnered with seven nonprofits focused on increasing women's representation in STEM degrees, first jobs, and leadership roles.

An upcoming Fem.AI Summit will bring together industry leaders to address gender disparity in high tech and AI, brainstorming actionable solutions to promote gender equality. Cadence calls for collective action to clear the path and catalyze the role of women in the AI revolution.

Cadence Design Systems participated in the Silicon Valley Pride Parade, demonstrating its commitment to LGBTQ+ inclusion and community engagement. An employee from Idaho shared their experience of joining colleagues in the parade, highlighting the company's efforts to foster a sense of belonging among remote workers. The event showcased Cadence's diverse representation from various departments and management levels.

The company's involvement extended beyond the parade, with the Cadence Giving Foundation donating to The Trevor Project, an organization focused on suicide prevention among LGBTQ+ youth. This initiative aligns with Cadence's broader commitment to STEM education, outreach, and volunteer opportunities. The employee's personal story underscores the importance of visibility and representation in technical careers, especially for LGBTQ+ individuals from rural areas.

Cadence is collaborating with NVIDIA to accelerate the sustainability of AI factories (data centers) using digital twins. By integrating NVIDIA Omniverse technologies into Cadence's Reality Digital Twin Platform, they aim to improve data center efficiency and utilization by up to 40%, reducing AI's energy footprint.

The partnership focuses on developing digital twin models for NVIDIA's A100 and H100 GPUs, and GB200 systems, using OpenUSD for standardization. This approach enables precise simulations of performance, resource utilization, and thermal dynamics in data center environments.

The initiative aims to enhance the design, deployment, and operation of AI factories, promoting sustainable computing practices through smart resource management and improved regulatory compliance. By leveraging digital twins, stakeholders can optimize operations, reduce environmental impact, and drive innovation in the data center industry.

Cadence Design Systems (Nasdaq: CDNS) has launched Fem.AI, an initiative aimed at promoting gender equity in the AI workforce. The Cadence Giving Foundation has pledged $20 million over the next decade to support this cause through philanthropic and product donations. The initiative addresses three key challenges for women in AI: completing higher education, accessing first jobs, and retaining STEM careers.

Cadence's research shows that only 20% of computer science graduates are female, women hold just over 20% of AI roles in US tech companies, and over 56% of women in tech are likely to leave the industry before mid-career. To tackle these issues, Cadence has partnered with various nonprofits and will host the inaugural Fem.AI Summit on October 1 in Menlo Park, bringing together leaders from business, academia, media, and social impact sectors to promote cross-sector collaboration.

Cadence Design Systems explores how data centers can leverage digital twin technology to address the challenges posed by AI's increasing energy demands while transitioning to renewable energy solutions. The article highlights that:

1. AI queries consume significantly more energy than standard searches.
2. European data center demand is outpacing supply.
3. Digital twins offer benefits such as energy efficiency testing, enhanced resource allocation, and data-driven decision-making.
4. This technology can help data centers optimize operations, improve sustainability metrics, and comply with regulations.

The article concludes that by adopting digital twin technology, data centers can better manage energy demands, integrate renewable solutions, and lead the charge towards a greener future in the face of AI growth and sustainability pressures.

Cadence Design Systems emphasizes the importance of allyship in the workplace, citing a report that shows 92% of individuals find allies invaluable in their careers. The company's culture promotes diversity, inclusion, and meaningful connections through various initiatives. An employee shares their personal journey of allyship, highlighting how it has shaped their life and professional experiences. The narrative underscores how embracing diverse perspectives and forging relationships can ignite allyship, leading to a more inclusive work environment. Cadence encourages employees to engage in allyship, viewing it as essential for innovation and collective success.

Cadence Design Systems (CDNS) reported strong Q2 2024 financial results, with revenue of $1.061 billion, up from $977 million in Q2 2023. The company's GAAP operating margin was 28%, while non-GAAP operating margin was 40%. GAAP diluted EPS reached $0.84, and non-GAAP diluted EPS was $1.28. Cadence's quarter-end backlog stood at $6.0 billion, with current remaining performance obligations of $3.1 billion.

The company updated its 2024 revenue outlook to 13% year-over-year growth, expecting revenue between $4.60 billion and $4.66 billion. Cadence's Cadence.AI portfolio and next-generation Z3/X3 hardware systems showed strong momentum, with robust demand from AI, hyperscale, and automotive customers. The company also completed the BETA CAE acquisition, expanding its multiphysics platform offerings.

Cadence Design Systems celebrated Pride Month with global events highlighting their commitment to diversity, equity, and inclusion (DEI). Key activities included:

Flag raising ceremonies worldwide, displaying the Pride Progress Flag at various office sites.

An enlightening conversation with Megan Smith, former US Chief Technology Officer, who discussed technology, diversity, and social change.

The second annual Cadence Pridefest at headquarters, featuring LGBTQ+-owned businesses and community organizations.

These events aimed to foster inclusivity, support the LGBTQ+ community, and reinforce Cadence's dedication to creating a diverse and equitable workplace in the tech industry.

Cadence Design Systems (Nasdaq: CDNS) will host a webcast for their second quarter 2024 financial results on July 22, 2024. The webcast, featuring CEO Dr. Anirudh Devgan and CFO John Wall, will commence at 2:00 p.m. Pacific Time. The event will be archived and accessible online from 5:00 p.m. PT on July 22 until 5:00 p.m. PT on September 13, 2024, at cadence.com/cadence/investor_relations.